Hi, everyone! It’s Friday, October 20th, and thank you for opening this week’s Weekly Blocks! 🙌🏻

We have some exciting news for you this week, starting with one from our team! 👇🏻

EXCITING ANNOUNCEMENT!

Weekly Blocks is about to undergo an exciting redesign to provide you with even more value-packed content. To make this transformation possible, we’ll be taking a short break for the next couple of weeks.

Your input is invaluable to us as we revamp our newsletter. We’d love to hear your thoughts on what you enjoy most about Weekly Blocks and what you’d like to see more or less of in the future.

Please send your feedback to [email protected]; we’ll be eagerly awaiting your responses over the coming weeks. Together, we can make Weekly Blocks better than ever!

Thank you for your continued support.

Now let’s get you updated with all the important updates!

Enjoy! ☕️

A QUICK BRIEF 💭

🧑🏼‍⚖️ The SBF Trial Week 3

🟠 Reddit To Sunset Its Blockchain-Based Community Points Program

🟢  The BNB Chain Ecosystem Launched Greenfield’s Mainnet.

[THE BLOCK WITH THE TOP HEADLINES OF THE WEEK]

Your Weekly News Roundup 🗞️

🧑🏼‍⚖️ The SBF Trial Week 3

Welcome to the week 3 of Sam Bankman-Fried’s trial! It’s only getting more interesting by day! 👀

During the 8th day of the SBF trial, Zac Prince, former CEO of BlockFi, discussed the lending risks associated with Alameda. The defense attempted to use his testimony to cast doubt on whether Alameda’s lenders, such as BlockFi, bore responsibility for their imprudent lending practices, but their efforts were ultimately unsuccessful.

EXTRA: Day 8 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

During the 9th day of the SBF Trial, FTX’s head of engineering, Nishad Singh, returned to provide further insights into the alleged financial mismanagement. Singh also shed light on the former CEO, Sam Bankman-Fried’s assertive management style and apparent lack of concern for the company’s growing debt.

EXTRA: Day 9 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

On the 10th day of the SBF Trial, the defense sought to challenge the reliability of former FTX head engineer Nishad Singh, who had testified against former FTX CEO Sam Bankman-Fried on Monday. Simultaneously, FBI Agent Richard Busick revealed Bankman-Fried’s associations with prominent politicians.

EXTRA: Day 10 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

During the 11th day of the SBF Trial, a combination of financial experts and technical witnesses provided testimony, with notable insights shared by accounting professor Peter Easton. 

His analysis unveiled a substantial disparity between FTX’s liabilities and assets. Nevertheless, the day was not devoid of controversy, as the judge raised concerns about the relevance of certain witnesses.

EXTRA: Day 11 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

On the twelfth day of the SBF Trial, ex-FTX General Counsel Can Sun provided testimony concerning a $7 billion shortfall in customer funds. Sun, the individual responsible for formulating FTX’s terms of service, conveyed his astonishment at the deficit and disclosed that Sam Bankman-Fried had sought legal justifications from him.

During a meeting with Bankman-Fried and others, Sun’s testimony revealed that FTX didn’t have enough funds to cover customer withdrawals.

EXTRA: Day 12 covered by Laura from UnChained, and live updates by Blockworks

❌  Binance Puts a Pause on New User Registrations in the UK

Binance has recently made the decision to halt the onboarding of new users from the United Kingdom. 🇬🇧

This action was taken in response to the Financial Conduct Authority (FCA) of the UK imposing stringent legal requirements, which, in turn, led to the prohibition of its partner, Rebuildingsociety.com Ltd (REBS), from conducting advertising promotions related to Binance’s products and services.

Read the full story

🧑🏼‍⚖️ SEC To Dismiss Charges Against Ripple’s Garlinghouse and Larsen

The U.S. Securities and Exchange Commission (SEC) has dropped all charges against Ripple’s executives, CEO Brad Garlinghouse and co-founder Chris Larsen. 

The court appearance for both individuals was scheduled for April, and they were confronting charges of aiding and abetting securities law violations linked to the sale of Ripple’s XRP. Notably, Ripple Labs, a named defendant in the lawsuit, was not included in the upcoming spring jury trial.

This development follows the SEC’s recent denial of its request for an interlocutory appeal, and Judge Analisa Torres, presiding over the case, also rejected the regulatory agency’s plea for a trial delay.

Read the full story

🇪🇺 European Central Bank Takes Digital Euro Project to ‘Preparation’ Stage

In a recently released notification, the governing council of the European Central Bank (ECB) has disclosed its intent to initiate the “preparation phase” for the digital euro project after a comprehensive two-year investigation. 🪙

This upcoming preparation phase, commencing in November, is set to extend over a span of two years, during which the ECB will refine the rulebook for the digital euro, identify providers for the development of a Central Bank Digital Currency (CBDC) platform, and carry out additional testing.

Read the full story

⚖️ CFTC Initiates Legal Action Against Former CEO of Defunct Crypto Lender Voyager

The U.S. Commodity Futures Trading Commission (CFTC) has purportedly launched a legal case against Stephen Ehrlich, the former CEO of Voyager Digital Ltd.

The lawsuit contends that Ehrlich oversaw an “unregistered commodity pool” and engaged in “fraudulent solicitation” on the platform. More specifically, the CFTC has accused the company of enticing customers with promises of up to 12% returns on specific crypto assets and disseminating misleading information regarding the platform’s security.

Read the full story

🇸🇬 Upbit’s Singapore Branch Gains Preliminary Approval for Digital Asset License

The Singapore-based subsidiary of South Korean cryptocurrency exchange Upbit has received initial approval from the Monetary Authority of Singapore.

This in-principle approval for a Major Payment Institution license granted to Upbit Singapore Pte. Ltd. will enable it to maintain its essential services as it awaits the issuance of the complete license.

Read the full story

🇪🇺EU Officially Embraces DAC8 Crypto Tax Reporting Regulation

In a significant development, the Council of the European Union has officially endorsed the eighth version of the Directive on Administrative Cooperation (DAC8).

This directive pertains to cryptocurrency tax reporting, enabling tax authorities to exchange information about individuals’ cryptocurrency assets.

The next step involves the document’s publication in the EU’s Official Journal, with it becoming effective 20 days after that.

Read the full story

🇦🇺 Australia Unveils Plan to Regulate Crypto Exchanges Within Current Legal Framework

In a recently published consultation paper, the Australian Treasury has revealed its intentions to introduce draft legislation addressing licensing and custody regulations for cryptocurrency service providers by 2024.

This forthcoming legislation is set to bolster Australia’s commitment to offering clear guidelines and safeguarding customers. Under the proposed legislation, platforms holding a specified asset threshold – AU$1,500 ($948) for an individual or AU$5 million ($3.2 million) in total – will be required to acquire an Australian Financial Services Licence.

Read the full story

ESPRESSO-SIZED NEWS ☕️

📉 On Tuesday, the Fantom Foundation officially verified that a limited number of its wallets had experienced a security breach, resulting in losses estimated at around $550,000. Learn more.

🥶 Cointelegraph, a cryptocurrency media organization, publicly apologized for its recent inaccurate reporting regarding the approval of a Spot Bitcoin ETF.  Learn more.

💸 New York Attorney General Letitia James has sued Gemini Trust, Genesis Global Capital, and Digital Currency Group, alleging fraud that led to losses of over $1 billion for more than 230,000 investors, including 29,000 New Yorkers. Learn more.

[THE BLOCK WITH NFT & DEFI UPDATES]

Stay Informed About the Latest NFT and DeFi News 🗞️

🦍 Animoca Brands’ Forj Launches ApeCoin Accelerator

Animoca Brands’ NFT creators platform, Forj, has unveiled the Ape Accelerator, a community-driven accelerator and launchpad, financed by the ApeCoin DAO.

The initiative was initiated after the ApeCoin community proposal (AIP-209) received approval, with Forj assigned the responsibility of constructing the accelerator.

Read the full story

🟠 Reddit To Sunset Its Blockchain-Based Community Points Program

Reddit has announced the discontinuation of its blockchain-based Community Points program, originally launched in May 2020 on the Ethereum blockchain to reward positive engagement within specific subreddits.

While the platform saw potential in this initiative, it has decided to sunset the program, citing resource challenges and a complex regulatory landscape. Although no specific regulation was mentioned as a cause for concern, the effort required to sustain the program, coupled with regulatory uncertainties, made it unsustainable.

Reddit highlighted the infeasibility and high costs of transitioning all users to the Ethereum network and expressed a commitment to exploring decentralized, secure, and scalable alternatives.

Read the full story

👗 Macy’s Steps Into the Metaverse With New Digital Fashion Platform

On Wednesday, Macy’s unveiled its innovative digital fashion platform, Mstylelab, marking its initial venture into the metaverse.

Macy’s, via Mstylelab, aspires to empower users by offering a secure environment that fosters exploration, self-expression, and increased connectivity. This experience is crafted in partnership with Journee, an expert in curating immersive digital spaces, including Mstylelab.

Read the full story

ESPRESSO-SIZED NFT NEWS ☕️

💭 Yuga Labs CEO addresses community feedback and charts future direction. Learn more. 

🏎️ Ferrari has begun accepting cryptocurrency payments for its luxury sports vehicles in the United States, with plans to expand in Europe by Q1 next year.  Learn more.

🚀 BEANZ Stickers, created by the masterminds behind Azuki, Chiru Labs, are enjoying remarkable success within the Asian messaging platform LINE. Learn more.

WEEKLY DOSE OF DEFI NEWS

🔵 ZkLend Successfully Deploys Mainnet on Starknet

In a significant development, Starknet’s premier decentralized money market, ZkLend, has achieved a successful mainnet launch. Notably, ZkLend has eliminated all supply and borrow restrictions for the six assets it supports.

This announcement comes on the heels of a notable surge in activity on Starknet, which has recently risen to become the second-highest Layer 2 network in terms of transaction throughput.

Before its mainnet launch, ZkLend was already the fourth-largest protocol on Starknet, boasting a Total Value Locked (TVL) of $4.5 million.

Read the full story

🟢 The BNB Chain Ecosystem Launched Greenfield’s Mainnet

BNB Chain, the community-driven blockchain ecosystem featuring the world’s largest smart contract blockchain, has officially launched the Greenfield Mainnet.

Greenfield is an innovative decentralized data storage network connected to BNB Smart Chain (BSC), transforming user data interactions with user rights management, bucket creation, and file deletion.

BNB Greenfield operates as a storage-focused blockchain, achieving high-speed data transfer with robust access control and cross-chain programmability. Users can create data marketplaces, allowing for data monetization and exchange.

Learn more.

🦄 Uniswap Introduces Controversial Fees for Select Tokens in Bid for Sustainability

In a recent announcement, Uniswap Labs CEO, Hayden Adams, revealed that the DeFi protocol Uniswap will implement a 0.15% swap fee on specific tokens, effective October 17.

Tokens subject to this fee include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD, but it solely applies when using Uniswap Labs’ front-end interfaces and is separate from the Uniswap Protocol fee governed by UNI tokens. This move is aimed at enhancing sustainability and transparency while excluding certain token pairs from fees.

Nonetheless, this announcement has provoked a contentious response within the community. Notably, Gabriel Shapiro, the general counsel at Delphi Labs, criticized the decision, arguing that it creates misaligned incentives between UNI token holders and Uniswap Labs shareholders.”

Read the full story

ESPRESSO-SIZED DEFI NEWS ☕️

🗡️ Hope Lend, a DeFi platform launched not long ago, experienced a security breach, resulting in a loss of 526 ETH and a complete reduction of its TVL. Learn more.

🔝 Manta Pacific is reportedly in the process of shifting its software from Optimism’s OP Stack by Caldera to Polygon’s Chain Development Kit. Learn more.

📜 The Layer 2 scaling solution Scroll, a novel zero-knowledge Ethereum Virtual Machine (zkEVM) compatible protocol, has officially announced its Mainnet launch. Learn more.

Thank you for reading and enjoy your weekend!

Want more insight and love push notifications? Join our Telegram channel ByBlock Insider.

Do you know someone who would enjoy “Weekly Blocks”? Please share it with them. ❤️

Not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or make other financial decisions. Always do your own research.

Hi, everyone! It’s Friday, October 13th, while some might be dodging ladders and black cats, we’re here to bring you luck in the form of some fascinating news and updates. 👀

So, grab your lucky charm (or your coffee) and let’s dive in! ☕️

A QUICK BRIEF 💭

👨🏻‍⚖️ Sam Bankman-Fried Trial Continues

🐺 First European NFT-Backed Film ‘CALLADITA’ Set to Debut at the Tallinn Black Nights Film Festival

🟣 Circle Launches Native USDC Tokens on Polygon

[THE BLOCK WITH THE TOP HEADLINES OF THE WEEK]

Your Weekly News Digest 🗞️

👨🏻‍⚖️ Sam Bankman-Fried Trial Continues

Last week marked the beginning of the eagerly awaited six-week trial of the ex-CEO of FTX, Sam Bankman-Fried, and now, after a week, it’s safe to say we’ve had our fair share of jaw-dropping moments.

On the 4th day of the trial, during the Friday’s continued testimony, Gary Wang, the co-founder of Alameda Research and FTX, who faces a potential 50-year prison sentence, disclosed Alameda’s special privileges ingrained into FTX’s code as early as July 31, 2019, just months after the exchange’s launch.

EXTRA: Day 4 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

Day 5 took an intriguing turn when Caroline Ellison, former CEO of Alameda Research and SBF’s ex-partner, stepped up to unveil allegations of financial mismanagement at Alameda and FTX, which she asserted were directed by Bankman-Fried. During the cross-examination of Gary Wang, glimpses of SBF’s defense strategy began to emerge, although Wang’s role appeared largely as a faithful follower of his friend and co-founder.

EXTRA: Day 5 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

Day 6 brought a whole new level of drama to the trial, with Caroline Ellison’s testimony featuring shocking references to alleged bribery of Chinese government officials, the use of Thai prostitutes’ IDs to create accounts, and an attempt to secure funds by selling FTX shares to a Saudi prince.

EXTRA: Day 6 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

On Day 7, the defense faced challenges in making progress during Caroline Ellison’s questioning. They ended up revisiting old questions, which added to the judge’s frustration.

Nevertheless, this day unveiled startling revelations, notably that around the time when Alameda had “borrowed” $14 billion of FTX customer funds, Sam Bankman-Fried expressed an interest in making a major investment in the messaging platform Telegram.

EXTRA: Day 7 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

🔐 Trezor Releases New Hardware Wallet

Trezor, a prominent hardware cryptocurrency wallet provider, is commemorating its 10th anniversary by unveiling three self-custody products.

These include a new Trezor wallet, a proprietary private key backup solution, and a Bitcoin-only wallet (showed on picture). The company, headquartered in the Czech Republic, officially introduced the Trezor Safe 3, a brand-new hardware wallet capable of supporting more than 7,000 cryptocurrencies, on October 12. 

This release marks a significant milestone in Trezor’s commitment to providing entry-level hardware wallets. The Trezor Safe 3 wallet arrives nearly five years after the introduction of the Trezor Model T in February 2018 and is available in four colors: solar gold, stellar silver, galactic rose, and cosmic black.

Explore

💰 Local Web3 Community Launches ‘Crypto Aid Israel’ To Help Displaced Citizens

A coalition of crypto organizations based in Israel, including 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, Blockchain B7, Efficient Frontier, Ironblocks, the Israel Blockchain Association, Bits of Gold, and Cointelegraph, has collaboratively initiated ‘Crypto Aid Israel.‘

This global fundraising effort aims to provide humanitarian assistance to Israeli citizens who have been displaced. In a sign of support, several Israeli banks and regulators have also facilitated the process of receiving crypto donations, potentially serving as a bridge to enable the transfer of these crypto assets to the banking system.

Learn more.

⭐️ Stars Arena Faced Two Attacks In One Week

Avalanche-based Web3 social media platform Stars Arena recently faced a string of attacks, raising significant concerns in the cryptocurrency community.

The first attack, which occurred on October 5th, resulted in a vulnerability that allowed a hacker to transfer $2,000 worth of AVAX from the platform.

Two days later, the platform was hit by a more severe attack, involving a smart contract exploit that enabled the attacker to transfer 266,103 AVAX tokens, valued at nearly $3 million. The exploit was facilitated through the FixedFloat exchange service, causing substantial losses to Stars Arena and its users.

In response to these attacks, Stars Arena acted swiftly to secure funding to cover the assets stolen in the second exploit. Additionally, the platform made an announcement that it would reopen its smart contract once a comprehensive security audit had taken place.

Notably, the team behind Stars Arena has displayed a proactive approach to resolving the situation. They engaged a special white hat development team to review the platform’s security thoroughly, ensuring a more resilient system for the future.

Yesterday Stars Arena was revealed that the hacker responsible for the security breaches returned 90% of the stolen funds. The return of these funds was the result of an agreement with the hacker, who received a 10% bounty fee (nearly $257,000) along with 1000 AVAX, equivalent to $9,333.

Read the full story

♉️ Taurus Expands Europe Footprint After Deutsche Bank Link-up

Taurus, a Switzerland-based crypto infrastructure provider with a recent partnership with Deutsche Bank, is taking significant steps to enhance its presence in Europe. 🇪🇺

In line with its mission to offer comprehensive infrastructure for issuing, safeguarding, and trading cryptocurrencies, tokenized assets, and NFTs, Taurus is establishing new offices in London and Paris.

This expansion is strategically timed as it anticipates a surge in the involvement of European banks in the crypto sector, driven by an increasingly clear regulatory environment. The European Union Parliament introduced the Markets in Crypto Assets Regulation (MiCA) framework in April, which is slated for implementation in the near future, prompting the move to better serve institutions operating within this evolving landscape.

Read the full story

ESPRESSO-SIZED NEWS ☕️

⚔️ Web3 community platform Galxe Protocol fell victim to a DNS attack, resulting in losses exceeding $150,000, with indications of a connection to the Balancer protocol attack in September. Learn more.

🇨🇦 Canada eases strict stablecoin regulations, introducing conditions that mandate stablecoin issuers to maintain an ample asset reserve with a qualified custodian. Learn more.

🇬🇧 The UK’s FCA added Huobi and KuCoin to its warning list of unauthorised firms under the new Financial Promotions (FinProm) Regime for cryptocurrencies. Learn more.

[THE BLOCK WITH NFT & DEFI UPDATES]

Explore the Latest NFT and DeFi Updates 📰

🖼️ MoMa Acquired It’s First Tokenized Artwork

The Museum of Modern Art (MoMA) has made history by acquiring Refik Anadol’s “Unsupervised – Machine Hallucinations,” marking the museum’s first inclusion of a tokenized artwork in its permanent collection.

This three-part work is part of Anadol’s “Unsupervised” exhibition, where he uses artificial intelligence to reimagine more than two centuries of art from MoMA’s collection, creating a unique piece with light, motion, sound, and environmental elements.

The acquisition was made possible with support from RFC Collection and 1of1. Refik Anadol is known for pushing the boundaries of digital art, with his recent work “Machine Hallucinations: Sphere” being the world’s largest AI artwork on the Las Vegas Sphere.

Read the full story

🤩 Anyone Can Now Create Free on Zora

Zora’s mission is to empower creators by making it incredibly easy and enjoyable to bring their unique vision and creativity to the blockchain. Now, we’ve taken a step to make it even more convenient for creators to realize the value of their work on Zora using just their Ethereum wallet.

Here’s how it works:

Traditionally, when creators wanted to create an NFT collection on Zora, they had to cover gas fees to publish their collection onto a supported blockchain network, essentially bringing it on-chain.

However, Zora is changing the game. Now, creators can make their collection available for mint on Zora without bringing it onchain. Instead, the first buyer of the edition, known as the “First Minter,” will handle the gas fees to publish the edition on Zora Network.

The edition won’t be visible on the blockchain until the first NFT is minted. At that point, it will be published on Zora Network and become viewable on the blockchain.

Start creating here.

Learn more

🐺 NFT-Backed Film ‘CALLADITA’ Set to Debut at the Tallinn Black Nights Film Festival

CALLADITA,  the first European movie everfully funded by NFTs, prepares for its World Premiere at the prestigious Tallinn Black Nights Film Festival, one of the 12 A-Class Film Festivals worldwide. 

Directed by Miguel Faus, this movie dives deep into the life of a young Latin-American maid, exploring themes of class disparity and societal injustice with authenticity, offering a fresh perspective on these subjects. As the film approaches its debut at the festival, an official movie trailer has been released.

“The Quiet Maid” is premiering on 10th of November at Coca-Cola Plaza cinema.

Learn more.

ESPRESSO-SIZED NFT NEWS ☕️

❌ Versum, the NFT platform and metaverse constructed on the Tezos blockchain, has made the decision to close its operations, bidding a bittersweet farewell to the Versum community after thorough consideration and assessment. Learn more. 

🇨🇳 China Daily, the English-language newspaper under the Chinese Communist Party, is venturing into the metaverse and NFT space, offering a $390,000 contract to a third-party contractor to build the Zhongbao Shuzang NFT platform. Learn more.

🤝🏻 Immutable has teamed up with Amazon Web Services (AWS) to enhance WEB3 gaming, providing game studios with up to $100,000 in cloud services. Learn more.

WEEKLY DOSE OF DEFI NEWS

🟣 Circle Launches Native USDC Tokens on Polygon

Stablecoin issuer Circle has introduced the minting of USD Coin (USDC) directly on the Ethereum layer-2 scaling network, Polygon.

As Federal Reserve interest rates reach a 22-year high, FRAX introduces sFRAX With Circle Mint and developer APIs now compatible with Polygon, USDC is easily accessible to users and developers, eliminating the need to bridge the stablecoin to other blockchains.

This development allows businesses and developers to construct decentralized applications with USDC on Polygon, enabling swift, low-cost transactions for applications like payments, remittances, trading, borrowing, and lending.

Read the full story

🚀 FRAX Has Launched A New Staking Vault sFRAX

With Federal Reserve interest rates at their highest level in 22 years, FRAX announced the launch of sFRAX — a staking vault meant to tap the corresponding hike in Treasury yields

FRAX is in the midst of rolling out a range of “Frax v3” offerings, including the debut of sFRAX, also known as “staked FRAX,” in addition to a bond product that transforms into FRAX’s stablecoin upon maturity.

Frax founder Sam Kazemian has said that “users will be able to deposit sFRAX and receive 10% yield — which would then shrink to around 5.4%, the Fed’s current IORB rate.”

Learn more

🪐 Mars Protocol V2 is Live

Mars v2 has made its debut on Osmosis, introducing a groundbreaking DeFi innovation: Rover credit accounts.

ESPRESSO-SIZED DEFI NEWS ☕️

Rovers, the core of this Mars v2 update, revolutionize DeFi by providing a unified basket for managing diverse positions, including longs, shorts, margin trades, and LP tokens. These assets can be utilized as collateral to access additional borrowing options from the Red Bank, enabling more leverage, hedges, or trading.

For existing users, both Mars v1 and Mars v2 will coexist on the blockchain. Existing Farm Vault positions on Mars v1 have been seamlessly upgraded to Mars v2 credit accounts. All deposits and borrowings from the Red Bank remain active on Mars v1 but will require manual migration, details of which can be found below.

Learn more

ESPRESSO-SIZED DEFI NEWS ☕️

💸 Due to malfunctions by 20 validators, leading liquid staking platform Lido Finance is expected to incur Ethereum slashing penalties exceeding $30,000 in the near future. Learn more

🫡 Euler Finance has announced launching V2, aiming for a comeback following a major hack that severely impacted its TVL. Learn more.

👏🏻 Spark, the lending market focused on DAI and a subDAO of MakerDAO, is now active on Gnosis Chain, an Ethereum sidechain.  Learn more.

Thank you for reading and enjoy your weekend!

Want more insight and love push notifications? Join our Telegram channel ByBlock Insider.

Do you know someone who would enjoy “Weekly Blocks”? Please share it with them. ❤️

Not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or make other financial decisions. Always do your own research.

Hi, everyone! It’s Friday, October 6th, and we’re delighted to present another edition of Weekly Blocks!

We’ve curated a special selection of the latest news and updates just for you. So, grab your favorite beverage, and let’s get started! ☕️

A QUICK BRIEF 💭

👩🏼‍⚖️ Sam Bankman-Fried Trial Has Begun

🤝🏻 Moncler and  Adidas Originals Are Partnering

🚀 Manifold Finance Rolls Out an MEV Auction Protocol

[THE BLOCK WITH THE TOP HEADLINES OF THE WEEK]

This Week’s Headlines 🔍

👩🏼‍⚖️ Sam Bankman-Fried Trial Has Begun

Sam Bankman-Fried’s trial, the biggest financial fraud case since Bernie Madoff, has started.

Sam Bankman-Fried, the man behind the FTX collapse, is facing 7 criminal charges including fraud and money laundering and could be sentenced to 100+ years in prison.

The first day, October 3rd, was all about picking the jury which continued on for second day.  SBF was informed that in case he wants to testify, he would only need to stand up. It also  came out, that SBF was not offered a plea deal.

EXTRA: Day 1 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.  

On day two, 18 jurors were selected in total (list of jurors), both sides made their opening statements, and the first two witnesses testified. The first one was Marc-Antoine Julliard, a London-based cocoa broker and a FTX customer. The next one was Adam Yedidia, a longtime friend of Bankman-Fried, one of the infamous Bahamian penthouse’s nine residents, and a former FTX employee. 

EXTRA: Day 2 covered by Carly from OPJ, Laura from UnChained, and live updates by Blockworks.

On the third day of the trial on Thursday, three witnesses testified. Among them were Adam Yedidia, who continued testifying, Paradigm co-founder Matt Huang, and FTX co-founder Gary Wang. 

EXTRA: Day 3 covered by Carly from OPJ,Laura from UnChained, and live updates by Blockworks.

The whole trial is expected to last an estimated six weeks.

⚖️ Former Celsius CEO Alex Mashinsky’s trial is scheduled for September 2024

Alex Mashinsky, the former CEO of Celsius, is scheduled to face a fraud trial in September 2024, as decided by US District Judge John Koeltl.

The trial will be preceded by three pretrial conferences in March, July, and September, and Mashinsky is currently on bail amounting to $40 million, subject to travel and financial transaction restrictions.

Read the full story

VanEck To Support Ethereum Development

VanEck  has committed to contributing 10% of the profits generated by its forthcoming Ether ETF to assist Ethereum developers.

These funds will be directed to the Protocol Guild, a consortium comprising 152 core protocol contributors, for a minimum of a decade.

This move underscores VanEck’s dedication to supporting the Ethereum community and encourages other traditional financial firms benefiting from web3 developers’ efforts to consider similar initiatives.

Read the full story

🚔 Co-Founder of 3AC, Su Zhu, Arrested

Su Zhu, co-founder of Three Arrows Capital (3AC), was arrested at Singapore’s Changi airport while trying to leave the country on Friday.

This was followed by a court order sentencing him to four months in prison for non-compliance with a court order, as reported by 3AC’s liquidator, Teneo.

Read the full story

🥶 Ether Funds Linked to FTX Account Drainer Are Moving

A wallet associated with the FTX account drainer has shown movement for the first time in nearly 12 months. Approximately 2,500 ETH (equivalent to $4 million) has been transferred.

These funds were split and sent in several transactions, including 700 ETH routed through the Thorchain Router, 1,200 ETH transferred via the privacy-centric DeFi wallet Railgun, and 550 ETH held in a separate wallet.

The main wallet still holds 12,500 ETH, worth approximately $21 million, remaining untouched.

Read the full story

🇸🇬 Coinbase Receives Full License from Monetary Authority of Singapore

After a year of in-principle approval, Singapore’s Monetary Authority has officially granted Coinbase a Major Payment Institution (MPI) license. This license enables Coinbase to provide digital payment token services to individuals and institutions in Singapore without the previous transaction limits.

Hassan Ahmed, the country director of Coinbase Singapore stated: “This license enshrines our commitment to the market and marks the end of our licensing journey. Our experience in Singapore in some ways contrasts what’s going on in the U.S. By providing this level of regulatory clarity and by providing clear rules that the industry has to play by, that’s really important for us as we’re thinking about our international strategy.”

Read the full story

ESPRESSO-SIZED NEWS ☕️️

🇧🇷 Brazil is set to implement blockchain technology for digital identity, with over 214 million citizens gaining access to on-chain identification documents, starting with Rio de Janeiro, Goiás, and Paraná states and expanding nationwide by November 6. earn more. 

🎙️ Crypto-friendly House Speaker Kevin McCarthy ousted, with Rep. Patrick McHenry to become speaker pro tempore; both have shown support for blockchain and digital asset legislation. Read more.

👩🏼‍⚖️ The SEC criticizes Coinbase’s motion to dismiss arguments, characterizing the exchange’s misinterpretation of securities laws and alleging that it is deflecting responsibility onto the SEC for its existing legal challenges. Learn more.

[THE BLOCK WITH NFT & DEFI UPDATES]

Dive into NFT and DeFi News 🗞️

Moncler 🤝🏻 Adidas Originals

Adidas and Moncler have introduced an innovative fashion campaign called “The Art of Explorers” that integrates generative AI and NFT collectibles.

This collaboration merges Moncler’s iconic designs with Adidas Originals’ elements, resulting in a visually striking and functional clothing collection. The experience is enhanced through an interactive digital platform on moncler.com and the introduction of NFTs, providing a unique and digitalized shopping and ownership experience.

The collection will be accessible online starting from October 4, with select in-store availability beginning on October 5, combining exclusivity with wide accessibility.

Read the full story

Sotheby’s 🤝🏻 Ledger

Sotheby’s and Ledger have partnered to offer exclusive Ledger Nano X devices to collectors for long-term security and preservation of digital art and assets.

Sebastian Fahey, Sotheby’s Managing Director of Global Fine Art and Executive Lead for Sotheby’s Metaverse, commented: “Ledger is one of the most trusted and reputable brands in digital asset security, and to partner with them to provide Sotheby’s purchasers with their industry-leading hardware wallets marks a significant step forward in our web3 evolution.

Learn more

💅🏻 Boss Beauties Is Acquiring BFF

Boss Beauties, a women-focused media and entertainment brand, is acquiring BFF, a community dedicated to educating and connecting people in the emerging tech space, particularly Web3 and NFTs.

This consolidation aims to empower more women and girls with accessible educational resources in the crypto industry. Lisa Mayer, Co-Founder and CEO of Boss Beauties, highlighted the importance of diverse educational resources for women in the rapidly growing Web3 sector.

This move follows Boss Beauties’ earlier collaborations and donations aimed at promoting gender diversity in Web3.

Read the full story

ESPRESSO-SIZED NFT NEWS ☕️

🏞️ The Museum of Modern Art (MoMA) is launching “MoMA Postcard,” an interactive NFT-based initiative enabling users to create collaborative art on the blockchain by sending digital chain letters with themed “stamps” to chosen collaborators. Learn more.

🇬🇧 The Saatchi Gallery is set to host its inaugural NFT and crypto art exhibition, named “Long Live London,” during the Focus Art Fair at the gallery from October 4 to 6. Learn more.

🤩 The OKX Crypto Cricket Club is offering a significant prize pool of over $200,000 along with cricket-themed NFTs as part of the OKX Crypto Cricket Cup 2023, running until November 5th. Learn more.

WEEKLY DOSE OF DEFI NEWS

🚀 Manifold Finance Rolls Out an MEV Auction Protocol

Manifold Finance has launched a MEV protocol featuring a multi-winner auction system, challenging the conventional “one winner per slot” model seen in Ethereum.

This innovative MEV protocol aims to reshape value capture and distribution within the Ethereum network, prioritizing optimal MEV revenue for validators, and positions itself as a competitor to Flashbots’ existing MEV protocol.

Read the full story.

🦋 Pirex ETH is live on Ethereum testnet!

This week, Redacted announced the deployment of Pirex ETH (pxETH) on the Goerli Ethereum testnet, a pivotal step in the Dinero project.

Following a testing period on Goerli, pxETH will transition to Holesky testnet. Dinero aims to integrate Ethereum staking, block creation, an RPC, and more within a unified protocol, featuring pxETH, the DINERO stablecoin, and the Redacted Relayer RPC, with a phased rollout starting with pxETH.

Learn more.

☕️ Espresso Systems Introduces the Cortado Testnet

Espresso Systems and Caldera collaboratively introduced Vienna, an OP Stack rollup integrated into the Espresso Sequencer’s third testnet, known as the Cortado Testnet to the public.

This testnet has the capability to sequence transactions for both the OP Stack rollup and the Polygon zkEVM-based rollup, previously integrated in a prior testnet.

Learn more.

ESPRESSO-SIZED DEFI NEWS ☕️

📉 Yield Protocol, a DeFi platform that once boasted $22 million in TVL, is closing down its operations, citing the persisting bear market conditions. Learn more. 

✋🏻 Jaynti Kanani, co-founder of Polygon, has announced that he is stepping back from his day-to-day role in the network’s operations to explore new ventures while continuing to contribute to Polygon in a supportive capacity. Learn more. 

🙅🏼Utopia has announced it will wind down its operations on November 6, 2023, but clarifies that this marks a change in operations rather than the end of the company. Learn more. 

Thank you for reading and enjoy your weekend!

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Not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or make other financial decisions. Always do your own research.

Hello! 🍁 It’s Friday, September 29, and we’re patiently waiting for FTX CEO Sam Bankman-Fried’s trial to begin. Meanwhile, the SEC has delayed the deadline for a handful of Ethereum spot ETF filings. Which is you know, the usual. 😎

Let’s now jump into the news! 🗞️

A QUICK BRIEF 💭

🪪 Buenos Aires Launches a Blockchain-Based Government ID

🐧 Pudgy Penguins Debuts Toy Collection in 2,000 Walmart Stores

🍯 Cartesi Rollup Network Goes Live With First App Honeypot

[THE BLOCK WITH THE TOP HEADLINES OF THE WEEK]

Your Weekly Dose of News 👌🏻

🟢 Valkyrie Adds ETH Futures to its Current Bitcoin ETF

Valkyrie, an asset management firm, is set to provide U.S. investors with exposure to Ether futures through its current Bitcoin Strategy ETF.

As of October 3, this fund will be renamed the Valkyrie Bitcoin and Ether Strategy ETF. A representative from Valkyrie confirmed that this would enable investors to access both Ether and Bitcoin futures within a single ETF, marking Valkyrie as a pioneer in this space amidst several on going applications at the U.S. SEC.

While the SEC has yet to approve a new Ether futures ETF listing on the Nasdaq, it has issued an order for further analysis on the listing of Valkyrie’s Bitcoin Fund, a spot BTC ETF.

Read the full story

🪪 Buenos Aires Launches Blockchain-Based Government ID

Buenos Aires is set to introduce QuarkID, a blockchain-based digital identity protocol, to improve residents’ access to public services.

Citizens can use this system to digitally store essential documents, like birth and marriage certificates. Developed in partnership with Extrimian and Matter Labs, creators of the Ethereum layer-2 blockchain zkSync Era, this initiative stands out as a landmark for Latin America.

The system emphasizes self-sovereignty, ensuring individuals retain full control over their data, and is set to include more document types by November.

Diego Fernandez, the Secretary of Innovation for Buenos Aires, highlighted the project as a pioneering move on both a regional and global scale.

Read the full story

⛅️ Google Cloud Adds 11 Blockchain Networks

Google Cloud’s BigQuery has improved its blockchain data features. It now supports 11 more networks, including Polygon and Polkadot. This means users can now do more detailed searches on blockchain data and easily use it with apps like Looker and Google Sheets.

James Tromans, Google Cloud’s global head of Web3, stated: “Over the past 18 months, we’ve been investing in this space, we’ve continued to hire, we’ve continued to grow not only our business development and our go-to-market teams but also our product and engineering capabilities. We’re really beginning to show that we’re not just fly-by-night and not just here when the time is going well.”

Read the full story

🥶 Mixin Suspends Withdrawals After $200M Hack Loss

Mixin, a cross-chain transactional network for digital assets, temporarily halted deposits and withdrawals following a security breach resulting in a $200 million loss.

The attack exploited vulnerabilities in the cloud service provider’s database, prompting Mixin to collaborate with Google and blockchain security firm SlowMist for investigation and fixes. While deposits and withdrawals are paused, transfers remain unaffected, and the team is working on a solution to guide users on recovering lost assets.

“No matter what your assets are — whether it’s Bitcoin or Ethereum — we will ensure that half of it is unaffected,” said Xiaodong Feng, founder of Mixin. He added that the company was considering issuing “bond tokens” to users for the rest of the assets.

Read the full story

🇧🇪 Binance Quits Russia and Restarts in Belgium

After deliberating on compliance with Western sanctions due to Russia’s invasion of Ukraine, Binance sold its Russian unit to the newly-launched CommEX crypto exchange for an undisclosed sum.

In other news, Binance has reportedly resumed services in Belgium three months after the Financial Services and Markets Authority (FSMA) mandated a halt in the country.

“Various Binance products and services are accessible again to Belgian users who have accepted our new Terms of Use,” the company said in a tweet on Monday.

Read the full story

⚒️ Crypto Exchange HTX Loses $8 Million in a Hack

According to HTX adviser and Tron founder Justin Sun, crypto exchange HTX (formerly Huobi) has suffered a hack that has resulted in the theft of 5000 ETH worth around $8 million. 

HTX has responded to the hack by proactively offering 5% of the drained funds as a “white-hat bonus” in exchange for returning the funds within seven days.

Binance CEO Changpeng “CZ” Zhao has also reportedly offered the help of Binance’s security team in investigating the attack.

Read the full story

ESPRESSO-SIZED NEWS ☕️

🇪🇺 Kraken secures EU e-money institution license in Ireland and virtual assets service provider registration in Spain, allowing expansion of fiat services and crypto offerings. Learn more.

❌ Ripple has decided to abandon its previously planned acquisition of Fortress Trust, a crypto custodian that faced significant challenges after losing approximately $15 million worth of bitcoin and stablecoins in a recent hack. Learn more.

🇪🇸 The Bank of Spain has granted Coinbase authorization to function as a cryptocurrency exchange and wallet service within the country. Learn more.

[THE BLOCK WITH NFT & DEFI UPDATES]

NFT and DeFi News Roundup 🗞️

🐧 Pudgy Penguins Debuts Toy Collection in 2,000 Walmart Stores

Pudgy Penguins has revealed its latest expansion into Walmart, with Pudgy Toys now accessible in 2,000 stores nationwide, aligning itself with other well-known consumer brands.

This strategic partnership with Walmart underscores Pudgy Penguins’ unique approach, fusing community-driven IP with cutting-edge social media and blockchain technology. The brand’s remarkable $400 million in transactions attests to its digital collectible sales influence, blending digital platforms and blockchain innovation to offer customized experiences to its audience.

This marks Pudgy Penguins’ second venture into physical toys, following their initial entry in May 2023 through Amazon, where they achieved $500,000 in sales within the first two days, selling over 20,000 individual toys. In the same month, the company secured $9 million in funding from early-stage investors to expand the global reach of Pudgy Penguins.

The CEO of Pudgy Penguins, Luca Netz, also just visited Overpriced JPEGs podcast, which you can listen to here.

Read the full story

🃏 Ordinals Creator Introduces New Fungible Token Protocol “Runes”

Casey Rodarmor, creator of the Bitcoin Ordinals protocol, has launched a new project called Runes – a protocol optimized for fungible tokens on Bitcoin.

Unlike Ordinals, which enabled NFT-like assets but led to network congestion from UTXO bloat, Runes is more lightweight. It holds token balances within UTXOs rather than creating new ones for each transfer. This should reduce fees and congestion issues.

Read the full story

🙉  BAYC X BAPE  Collaboration

In an unexpected move, the Bored Ape Yacht Club (BAYC) has unveiled its latest collaboration with the iconic Japanese streetwear brand BAPE.

The official Bored Ape Yacht Club Twitter account cryptically shared the news with the message, “Been a fan since way back,” accompanied by an illustrated image showcasing a closet filled with Hawaiian-themed shirts. Prominently featured in the image was a white t-shirt adorned with both the BAPE logo and a Bored Ape, piquing the curiosity of enthusiasts.

What more you need to know:

🐵 The collection debuts Nov 4 in Hong Kong during ApeFest 

🐵 The collection will launch to the BAYC community first

🐵 In December it will be available everywhere globally in stores and online

Read the full story

ESPRESSO-SIZED NFT NEWS ☕️

🌊 OpenSea has advised select users to rotate their API keys following a third-party security breach. Learn more. 

🟣 Polygon witnessed a surge in trading volume as users engaged in the on-chain opening of Pokémon NFT card packs during a whirlwind sale, with all 175 Pokémon Cards claimed almost instantly. Learn more.

🤝🏻 VeeFriends and Mattel are collaborating to release a 2-pack toy collection featuring Skeletor and Skilled Skeleton. The pre-sale begins on October 6 for $45, offering a free pack to holders of the original Series 1 Skilled Skeleton collectible. Learn more.

🍯 Cartesi Rollup Network Goes Live With First App Honeypot

Cartesi, a Layer 2 scaling solution that facilitates the development of dApps across multiple blockchains, has introduced its inaugural decentralized application on the Ethereum mainnet – Honeypot.

This dapp serves the purpose of enabling developers and ethical hackers to assess the security of Cartesi protocol’s underlying code, offering a bounty reward in return.

Honeypot will play a vital role in stress-testing Cartesi’s core code on the mainnet, paving the way for the broader utilization of Cartesi’s technology in various other dapps.

Read the full story

☂️ Celestia Opens Airdrop

Celestia, a modular consensus and data network, has unveiled plans to distribute 6% of its native token, TIA, in a token airdrop to engage ecosystem participants and developers.

This blockchain network is dedicated to establishing a scalable data availability layer, addressing the challenge of data access and retrieval by network nodes.

Celestia employs data availability sampling, allowing nodes to validate select random data chunks from each block, aiming to enhance efficiency in contrast to traditional methods used in networks like Ethereum.

Read the full story

🥞 PancakeSwap Integrates Transak For Fiat Onboarding On Multiple Chains

Decentralized exchange PancakeSwap has integrated crypto purchasing service Transak.

Users can now buy crypto directly on PancakeSwap through Transak, alongside existing providers Mercuryo and MoonPay. Transak is the third fiat on-ramp integrated into PancakeSwap’s “buy crypto” tab, giving users another option to easily purchase cryptocurrencies on the platform.

Read the full story

ESPRESSO-SIZED DEFI NEWS ☕️

🤝🏻 Aptos Foundation collaborates with Thala Labs to establish a $1 million fund dedicated to fostering the development of fresh DeFi protocols within its ecosystem. Learn more.

💰 Curve Finance founder, Michael Erogov, has successfully repaid his debts on Aave v2 but still owes $42.7M in stablecoins to other web3 lending platforms. This follows Erogov’s efforts to address potential liquidation due to a 40% price drop, which led to the sale of CRV collateral via private sales in August. Learn more.

🎈70 million ARB tokens from Arbitrum’s airdrop remain unclaimed as the claiming window closed, now in the control of the Arbitrum DAO.  Learn more.

Thank you for reading and enjoy your weekend!

Want more insight and love push notifications? Join our Telegram channel ByBlock Insider.

Do you know someone who would enjoy “Weekly Blocks”? Please share it with them. ❤️

Not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or make other financial decisions. Always do your own research.